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Wednesday, September 23, 2020

Glenmark Pharmaceuticals shares tumble nearly 6%

Glenmark Pharmaceuticals stock declined 5.10 per cent to Rs 408 on the BSE and at the NSE, it tanked 5.75 per cent to Rs 405.

By: PTI | New Delhi | July 20, 2020 1:23:27 pm
The drug regulator has sought clarification from Glenmark Pharmaceuticals after receiving a complaint from a member of Parliament. (Representative image, source: Andrey Rudakov/Bloomberg)

Shares of Glenmark Pharmaceuticals on Monday tumbled nearly 6 per cent after India’s drug regulator sought clarification from the company over its alleged “false claims” about the use of anti-viral FabiFlu on COVID-19 patients with comorbidities and also over the “pricing” of the drug.

The stock declined 5.10 per cent to Rs 408 on the BSE and at the NSE, it tanked 5.75 per cent to Rs 405.

The drug regulator has sought clarification from Glenmark Pharmaceuticals after receiving a complaint from a member of Parliament.

In a letter to the Mumbai-based company, Drugs Controller General of India (DCGI) Dr V G Somani stated that his office received a representation from an MP that the total cost of the treatment with FabiFlu (favipiravir) will be around Rs 12,500 and that the “cost proposed by Glenmark is definitely not in the interest of the poor, lower middle class and middle-class people of India.”

“Further it has been mentioned in the representation that Glenmark has also claimed that this drug is effective in co-morbid conditions like hypertension, diabetics, whereas in reality, as per protocol summary, this trial was not designed to assess the FabiFlu in comorbid condition,” the letter dated July 17 read.

No clinically sufficient data specific to these conditions are available, the DCGI said in its letter.

Glenmark Pharmaceuticals had on July 13 said it has cut the price of its antiviral drug Favipiravir, under the brand name FabiFlu, for the treatment of patients with mild to moderate COVID-19 by 27 per cent to Rs 75 per tablet.

The company had launched FabiFlu last month at a price of Rs 103 per tablet.

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